Naira Falls To N527 At Parallel Market Amid CBN Frustration Of BDCs

The naira has fallen to N527 per United States dollar at the unofficial market amid Central Bank of Nigeria new foreign exchange policy.

Data obtained by THE WHISTLER on Monday shows the naira has lost 2.93 per cent of its value against the dollar between August 2 and August 30, 2021.

The naira has been under increased pressure since the Central Bank of Nigeria on July 27 banned the 5,300 Bureau de Change operators from accessing the $20,000 weekly intervention.

The Central Bank Governor, Godwin Emefiele had during the briefing where he announced the decision accused BDC operators of rent seeking and enabling money laundering.

The bank executives including Herbert Wigwe, Managing Director of Access Bank Plc, Segun Agbaje, MD Guarantee Trust Holding Company, Tomi Somefun MD of Unity Bank, Yemisi Edun MD of First City Monument Bank and Patrick Akinwuntan MD of Ecobank had claimed they have enough dollar to meet the needs of Nigerians.

It has been 33 days since the regulator made the decision as the naira which traded N505/dollar on July 27 at the market controlled by the BDCs has so far lost N22 .

The naira has also lost its value to N715/pounds from the N713/pounds traded on Friday, August 27, 2021.

The Euro at the unofficial market has dipped to N613 from the N608 traded on Friday.

Shehu Jega, a forex expert and a dealer at Bani Mbaka Bureau De Change in Zone 4, Abuja told THE WHISTLER that, “The rise is based on the principle of demand and supply. People are looking for more dollars and there is little in the market.

“At least that backing ($20,000 weekly intervention) created by CBN supply was making an impact on the market.”